RingSide owner Craig Peterson is happy with the reception given the Fox Tower location.

Wendy Culverwell

The decision by RingSide Steakhouse owner Craig Peterson to open a seafood restaurant at Fox Tower is the latest of many new investments in Portland-area restaurants.

Peterson earlier this week signed a long-term lease to install RingSide Fish House in the 8,300-square-foot restaurant space, 838 S.W. Park Ave. Peterson has operated the steak house from the space since May while the company’s Burnside location undergoes renovation.

The Fox Tower location will close March 18 and reopen as a fish house this summer.

It’s the latest sign of a minor restaurant revival amidst several high-profile closings.

Ruth’s Hospitality Group is moving its downtown Ruth’s Chris restaurant to Pacific Center, across the street from Fox Tower. Harsch Investment Properties LLC is spending more than $1 million to outfit the corner space for its new tenant. Laughing Planet Cafe leased space at the Cyan|PDX apartments, 1720 S.W. Fourth Ave., for its eighth restaurant.

Seattle-based Starbuck’s Co. will open two Portland locations, including one selling beer, in 2011, after closing five local coffee shops in 2008.

McCormick & Schmick’s disclosed plans to invest $10 million to $15 million to update its nationwide chain of restaurants in a bid to reinvent itself for younger diners. Its former CFO, Manny Hilario, opened Pinot American Brasserie in downtown Portland in 2010, about the same time Concept Entertainment Group launched its Thirsty Lion Pub & Grill family-oriented pub concept at Washington Square.

At the same time, several popular restaurants have closed so far this year, including the Pearl District’s Ten01, Todai Seafood at Pioneer Place and Alba Osteria in Multnomah Village.

RingSide Fish House should be a hit, said Barry Brown, principal with Profit Strategies and Solutions, a Vancouver-based restaurant consultant. Brown said he normally would advise operators against opening new concepts in a down economy. RingSide’s reputation and history negates that argument.

“If anyone is going to do it, it’s these guys,” he said.

RingSide operates two steak houses, one at 21st and Burnside and the other east of the Willamette River.

The company’s Burnside restaurant received a major makeover that added 3,500 square feet, updated the kitchen and coolers, and expanded its cooking options. It will reopen March 28.

Peterson’s initial goals at Fox Tower were modest.

He calculated RingSide would come out ahead if revenue equaled about 75 percent of the Burnside business. It did and then some, with the added benefit that it brought in new, younger customers. The firm does not disclose revenue.

Peterson rejected the idea of keeping Fox Tower as a third steak house, saying it would cannibalize his Burnside business, but had long been intrigued by the idea of operating a seafood restaurant.

The new restaurant will add about 100 employees to RingSide’s 150-person payroll. It has about 75 employees at its two existing steak houses.

Peterson said the Fox Tower location will get a facelift and a new raw bar. He expects to source much of the seafood on the menu from the Oregon Coast but said some far-flung species will likely arrive by FedEx.

The new RingSide space is one floor up from street level, a configuration that has bedeviled previous restaurant operators almost since Fox Tower opened in 2000.

Restaurateur Steve McLain opened the tower’s first restaurant, named for his son Harrison, in 2004. He closed it when construction on Director Park across the street restricted access to the front door.

Cutting Edge Restaurant Group Inc., backed by Aequitas Capital Management, opened Tondero in the same space in 2007. The restaurant closed almost immediately amidst larger financial concerns. The space stayed empty until RingSide arrived in March 2010.

Peterson acknowledged he was concerned about the second floor location but said the downtown location benefits from events at nearby cultural venues as well as a young after-work crowd that routinely fills its 90-seat bar.

RingSide Fish House will be open for both lunch and dinner. The venture is funded by personal funds, Peterson said.

Fast facts

RingSide retained Chef Johnny Nunn, late of 503 Restaurant in West Linn, to develop a Northwest seafood concept for the new offering.

wculverwell@bizjournals.com | 503-219-3415

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